Description:TECHNICAL FIELD
[001] The present invention relates generally to a system and method for processing secure financial services via blockchain.
BACKGROUND
[002] Businesses rely on a complex ecosystem of technology, processes, and people internally as well as with thousands of business-to-business (B2B) solution providers and networks to manage their invoices and make or receive payments nearly every day. With the increasing number of entities engaging in financial transactions, the number of electronic payment transactions processed each day continues to grow, with the number often being in the magnitude of hundreds of billions each day. For example, for invoiced purchases, a buyer will approve payment to a supplier only after validating a purchase order (PO), an invoice, and a shipment confirmation related to the order—known as a “three-way match.” Once approved, a payment is authorized, scheduled and disbursed. In many instances, an entity will conduct an electronic payment transaction with a payment instrument where the transaction is processed by a first payment network and then settled, where the actual funds are exchanged between the issuing and acquiring banks, by a second payment network.
[003] The specific technique used for verifying passwords over the internet. A website stores a hash of a user's password. Upon typing the password, it is hashed and compared to the stored hash for validation. With this process, the password is not stored anywhere for corrupt individuals to obtain it; the hash is a useless piece information except for confirming a correctly hashed password. The only way a user can be defrauded is by disclosing his/her password or having it stolen.
[004] Beyond the trading and record keeping of the financial services, each participant and role has a plethora of obligations on how to record, monitor and report status to a series of defined status. The blockchain solution will optimally cover these responsibilities. For all the processes not covered by the blockchain, interfaces and enterprise platforms will still be required.
[005] Therefore, there is a need of a system which overcomes the aforementioned problems.
SUMMARY
[006] Embodiments of the present disclosure present technological improvements as solutions to one or more of the above-mentioned technical problems.
[007] Before the present subject matter relating to a system and method for processing secure financial services via blockchain, it is to be understood that this application is not limited to the particular system described, as there can be multiple possible embodiments which are not expressly illustrated in the present disclosure. It is also to be understood that the terminology used in the description is for the purpose of describing the implementations or versions or embodiments only and is not intended to limit the scope of the present subject matter.
[008] This summary is provided to introduce aspects related to a system and method for processing secure financial services via blockchain. This summary is not intended to identify essential features of the claimed subject matter nor is it intended for use in determining or limiting the scope of the present subject matter.
[009] In an embodiment, a system for processing secure financial services via blockchain is disclosed. The system includes a central server, a receiver, a contingent, a transmitter and a database. The central server further includes a processor and non-transitory computer readable medium (CRM). The receiver of the processing server is integrated into the central server for receiving financial transaction data. The contingent, dual asset, bi-directional transfer, implemented by the central server. The mechanism ensures secure and conditional transfers of assets on a blockchain. The transmitter of the processing server is integrated into the central server for broadcasting validated financial transaction data to the blockchain network. The database is connected to the central server, storing historical transaction data and user profiles.
[0010] In another embodiment, a method for processing secure financial services via blockchain is disclosed. The method includes the step of receiving, by a receiver of a processing server, hierarchy data for an entity, wherein the hierarchy data includes user data. The method includes the step of validating the said user data, checking the authenticity. The method includes the step of developing a digital signature of a said user, building security. The method includes the step of validating said blockchain certificate by comparing said certificate's details and user data. The method includes the step of processing secure financial service by sending and receiving process. The method includes the step of developing a statement, transit status report with respect to the said data.
BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWINGS
[0011] The foregoing detailed description of embodiments is better understood when read in conjunction with the appended drawings. For the purpose of illustrating the disclosure, there is shown in the present document example constructions of the disclosure; however, the disclosure is not limited to the specific system or method disclosed in the document and the drawings.
[0012] The present disclosure is described in detail with reference to the accompanying figures. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the drawings to refer various features of the present subject matter.
[0013] Figure 1 is a block diagram illustrating the processing server of the system for entity claiming and account management in a services platform and the registration of procurement status for purchase orders in accordance with exemplary embodiments.
[0014] Figure 2 illustrates a flowcharts identifying steps of a genome script building process in accordance with one embodiment.
[0015] Figure 3 illustrates a computer-based system for implementation of multi-party, multi-tier (MPMT) contracts, according to some embodiments of the invention.
[0016] In the above accompanying drawings, a non-underlined number relates to an item identified by a line linking the non-underlined number to the item. When a number is non-underlined and accompanied by an associated arrow, the non-underlined number is used to identify a general item at which the arrow is pointing.
[0017] Further, the figures depict various embodiments of the present subject matter for purposes of illustration only. One skilled in the art will readily recognize from the following discussion that alternative embodiments of the structures and methods illustrated herein may be employed without departing from the principles of the present subject matter described herein.
DETAILED DESCRIPTION
[0018] Some embodiments of this disclosure, illustrating all its features, will now be discussed in detail. The words "comprising," "having," "containing," and "including," and other forms thereof, are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be limited to only the listed item or items. It must also be noted that as used herein and in the appended claims, the singular forms "a," "an," and "the" include plural references unless the context clearly dictates otherwise. Although a system and method for processing secure financial services via blockchain, similar or equivalent to those described herein can be used in the practice or testing of embodiments of the present disclosure, the exemplary, a system and method for processing secure financial services via blockchain is now described.
[0019] Various modifications to the embodiment will be readily apparent to those skilled in the art and the generic principles herein may be applied to other embodiments. For example, although the present disclosure will be described in the context of a system and method for processing secure financial services via blockchain, one of ordinary skill in the art will readily recognize a system and method for processing secure financial services via blockchain can be utilized in any situation. Thus, the present disclosure is not intended to be limited to the embodiments illustrated but is to be accorded the widest scope consistent with the principles and features described herein.
[0020] In an embodiment, a system for processing secure financial services via blockchain is disclosed. The system includes a central server, a receiver, a contingent, a transmitter and a database. The central server further includes a processor and non-transitory computer readable medium (CRM). The receiver of the processing server is integrated into the central server for receiving financial transaction data. The contingent, dual asset, bi-directional transfer, implemented by the central server. The mechanism ensures secure and conditional transfers of assets on a blockchain. The transmitter of the processing server is integrated into the central server for broadcasting validated financial transaction data to the blockchain network. The database is connected to the central server, storing historical transaction data and user profiles.
[0021] In another implementation, the non-transitory computer-readable medium stores instructions for executing an asset tracking module for monitoring the status and ownership of assets on the blockchain and a rules engine for enforcing conditional parameters in contingent transactions.
[0022] In another implementation, the processing server also configures to execute a query on a database of the processing server to insert, for the respective user, a user profile in the database that includes at least the respective user data and authentication credentials.
[0023] In another implementation, after receiving said statement of fulfillment for each supplier is issued from a said client computer of a said supplier that is next lowest to said supplier in said supply chain.
[0024] In another implementation, the processing server or processor is configured to receive and transmit status reports and saves the transit status report in a database for further reference.
[0025] In another implementation, the transit status reports are issued by a client computer of an entity in a group comprising a shipping company, a customs authority, an inspection agency, a warehouse, a freight forwarder, any other transport provider (such as an airline, a road or rail transport provider), a third-party verifier of goods delivery or contract fulfillment, or any combination thereof.
[0026] In another embodiment, a method for processing secure financial services via blockchain is disclosed. The method includes the step of receiving, by a receiver of a processing server, hierarchy data for an entity, wherein the hierarchy data includes user data. The method includes the step of validating the said user data, checking the authenticity. The method includes the step of developing a digital signature of a said user, building security. The method includes the step of validating said blockchain certificate by comparing said certificate's details and user data. The method includes the step of processing secure financial service by sending and receiving process. The method includes the step of developing a statement, transit status report with respect to the said data.
[0027] In another implementation, the method includes the step of inserting, by the processing server, the generated statement for the respective user into a digital ledger.
[0028] In another implementation, the method includes the step of storing, in the memory of the processing server, an entity profile related to an entity.
[0029] Figure 1 is a block diagram illustrating the processing server of the system for entity claiming and account management in a services platform and the registration of procurement status for purchase orders in accordance with exemplary embodiments.
[0030] In an embodiment, processing server 102 may include a receiving device 202. The receiving device 202 may be configured to receive data over one or more networks via one or more network protocols. In some instances, the receiving device 202 may be configured to receive data from data warehouses 104, platform administrators 106, entity administrators 108, entity users 112, data providers 110, and other systems and entities via one or more communication methods, such as radio frequency, local area networks, wireless area networks, cellular communication networks, Bluetooth, the Internet, etc. In some embodiments, the receiving device 202 may be comprised of multiple devices, such as different receiving devices for receiving data over different networks, such as a first receiving device for receiving data over a local area network and a second receiving device for receiving data via the Internet. The receiving device 202 may receive electronically transmitted data signals, where data may be superimposed or otherwise encoded on the data signal and decoded, parsed, read, or otherwise obtained via receipt of the data signal by the receiving device 202. In some instances, the receiving device 202 may include a parsing module for parsing the received data signal to obtain the data superimposed thereon.
[0031] Further, the processing server 102 may also include a user database 210. The user database 210 may be configured to store a plurality of user profiles 212 using a suitable data storage format and schema. The user database 210 may be a relational database that utilizes structured query language for the storage, identification, modifying, updating, accessing, etc. of structured data sets stored therein. Each user profile 212 may be a structured data set configured to store data related to a user of the multi-services platform, such as an entity administrator 108 or an entity user 112. A user profile 212 may include a unique identifier associated with the user, authentication credentials that the user uses to authenticate themselves when accessing the platform, and a public key of a cryptographic key pair associated with the related user.
[0032] The communication module 204 may be configured to transmit data between modules, engines, databases, memories, and other components of the processing server 102 for use in performing the functions discussed herein. The communication module 204 may be comprised of one or more communication types and utilize various communication methods for communications within a computing device. For example, the communication module 204 may be comprised of a bus, contact pin connectors, wires, etc. In some embodiments, the communication module 204 may also be configured to communicate between internal components of the processing server 102 and external components of the processing server 102, such as externally connected databases, display devices, input devices, etc.
[0033] The transmitting device 224 may be configured to electronically transmit data signals to data warehouses 104 that are superimposed or otherwise encoded with requests for data or data to be stored. The transmitting device 224 may be configured to electronically transmit data signals to platform administrators 106, entity administrators 108, and entity users 112, which may be superimposed or otherwise encoded with authentication credentials, unique identifiers, purchase orders, private keys, or other data used in performing the functions discussed herein. The transmitting device 224 may also be configured to electronically transmit data signals to data providers 110 that may be superimposed or otherwise encoded with data requests.
[0034] In the present embodiments, the memory/ database 226 may be comprised of or may otherwise include a relational database that utilizes structured query language for the storage, identification, modifying, updating, accessing, etc. of structured data sets stored therein. The memory/ database 226 may be configured to store, for example, digital ledgers, which, in some instances, may be blockchains. Digital ledgers may be used to store entity data, user data, purchase data, and any other data for the multi-services platform. In some cases, there may be a single digital ledger used to store all data associated with users and entities in the platform. The memory/ database 226 may also be configured to store rules and data used in performing dispute resolution for entity claiming.
[0035] Figure 2 illustrates a flowchart identifying steps of a genome script building process in accordance with one embodiment.
[0036] In an embodiment, each transactional component action or impact will affect one of the security types, so the impacted asset may be determined (step 15) to be used in the “Asset Impacted” script 16. Each transaction component action or impact will affect one of the security types. If the security impacted is the primary security (as determined in step 41), then the impact will be assigned to that primary security (step 42). If the security impacted is the secondary security (as determined in step 43), then the impact will be assigned to that second security (step 44). If the securities impacted are tertiary securities (as determined in step 45), then the impact will be assigned to the tertiary securities (step 46). The script component will now be fully defined as far as securities and impact events driven by certain triggers. The genome script building process then proceeds to step 47. A determination is made whether the most recently processed transactional component is the last transactional component to be processed (step 47). If a determination is made in step 47 that there are more components to the script, then the next component will be lined up for definition (step 48) and the genome script building process will return to step 3. If a determination is made in step 47 that the most recently processed transactional component was the last component, then the genome script building process will end (step 49).
[0037] Figure 3 illustrates a computer-based system for implementation of multi-party, multi-tier (MPMT) contracts, according to some embodiments of the invention.
[0038] In an embodiment, system 400 comprises a central server 405, comprised of a processor 410 and non-transitory computer readable medium (CRM) 415. CRM 415 stores a contract database 430. Contract database 430 contains contract blockchains 435, each block with a digital signature to verify legitimacy of its source, and each block encrypted in accordance with access rights to which each of client computers 420 a-e is entitled. Each contract blockchain 435 stores and provides a reference for transactions in an MPMT contract. System 400 further comprises client computers 420 a-d. Client computers 420 a-d include computers of an end buyer 420 a, of one or more suppliers 420 b-c in a supply chain, and of a financier 420 d. In some embodiments, the client computers include computers of one or more certification authorities 420 e.
[0039] Synchronization of blockchain copies 435 a-e to other suppliers' computers 420 b-c is made either simultaneously with central server 405, or later by central server 405. In all cases, contract blockchain 435 is accessible to suppliers' computers 420 b-c, and VPO is visible on displays 420 b-c. In preferred embodiments, supplier certifications 465, with digital signatures of suppliers and one or more certifying authorities are appended to VPO 440, also at the prerogative of the suppliers. Certifications can include, for example, certification of land ownership, a certification of environmental standards compliance, a certification of labor laws compliance, a product certification, an ISO certification, a certification of insurance, a certification of inspection, and any combination thereof. Central server 405 may authenticate the validity of supplier certification 465 with computer 420 e of certification authority.
[0040] Statements of fulfillment 460, with digital signatures, are appended to VI 445 upon each supplier's fulfillment of terms of contract 450. Statements of fulfillment 460 of a supplier may be issued, based in whole or in part, by acceptance of the supplier's goods by a next-lowest supplier in the supply chain (i.e., the next-lowest supplier receives goods from the supplier). Statements of fulfillment 460 may be issued, based in whole or in part, upon receiving a report of delivery to the next-lowest supplier (e.g., from a shipping company's package-tracking website) or fulfillment of contract terms.
[0041] The blockchain event system is used to notify relevant parties of a new blockchain transaction which may be of interest. The invention also supports a multi-sig feature on the blockchain which requires multiple signatures associated with an individual or signatures from multiple signatories in order to interact with the blockchain.
[0042] Although the description provides implementations of a system and method for processing secure financial services via blockchain, it is to be understood that the above descriptions are not necessarily limited to the specific features or methods or systems. Rather, the specific features and methods are disclosed as examples of implementations for a system and method for processing secure financial services via blockchain.
, Claims:We claim:
1. A system for processing secure financial services via blockchain, comprising:
a central server comprising a processor and non-transitory computer readable medium (CRM);
a receiver of the processing server integrated into the central server for receiving financial transaction data;
a contingent, dual asset, bi-directional transfer, implemented by the central server, wherein said mechanism ensures secure and conditional transfers of assets on a blockchain;
a transmitter of the processing server integrated into the central server for broadcasting validated financial transaction data to the blockchain network;
a database connected to the central server, storing historical transaction data and user profiles.

2. The system as claimed in claim 1, wherein the non-transitory computer-readable medium stores instructions for executing:
an asset tracking module for monitoring the status and ownership of assets on the blockchain.
a rules engine for enforcing conditional parameters in contingent transactions.
3. The system as claimed in claim 1, wherein the processing server also configures to execute a query on a database of the processing server to insert, for the respective user, a user profile in the database that includes at least the respective user data and authentication credentials.
4. The system as claimed in claim 1, wherein after receiving said statement of fulfillment for each supplier is issued from a said client computer of a said supplier that is next lowest to said supplier in said supply chain.

5. The system as claimed in claim 1, wherein the processing server or processor configured to receive and transit status report and saves the transit status report in a database for further reference.

6. The system as claimed in claim 5, wherein the transit status reports are issued by a client computer of an entity in a group comprising a shipping company, a customs authority, an inspection agency, a warehouse, a freight forwarder, any other transport provider (such as an airline, a road or rail transport provider), a third party verifier of goods delivery or contract fulfillment, or any combination thereof.

7. A method for processing secure financial services via blockchain, comprising:
receiving, by a receiver of a processing server, hierarchy data for an entity, wherein the hierarchy data includes user data;
validating the said user data, checking the authenticity;
developing a digital signature of a said user, building security;
validating said blockchain certificate by comparing said certificate's details and user data;
processing secure financial service by sending and receiving process;
developing a statement, transit status report with respect to the said data.
8. The method as claimed in claim 7, wherein inserting, by the processing server, the generated statement for the respective user into a digital ledger.

9. The method as claimed in claim 7, wherein the step of storing, in the memory of the processing server, an entity profile related to an entity.